The Indian rupee rose 8 paise to 86.03 (provisional) against the US dollar on Monday amid a strong show at the domestic equity markets, weakening dollar, and easing of global crude oil prices. Indian shares rose notably on Monday as oil prices stabilized after settling 7 percent higher on Friday, and data showed India's wholesale price inflation eased further in May to a 14-month low amid cheaper costs for primary articles, fuel, and power. Provisional data from the Ministry of Commerce and Industry revealed that India's wholesale price index, or WPI, rose 0.39 percent year-over-year in May, slower than the 0.85 percent increase in April. This was the lowest inflation rate since March 2024. The benchmark S&P/BSE Sensex jumped 677.55 points, or 0.84 percent, to 81,796.15 while the broader NSE Nifty index closed up 227.90 points, or 0.92 percent, at 24,946.50. However, decline in exports, along with foreign fund outflows, capped further gains in the local unit. At the interbank foreign exchange, the local unit opened at 86.16 against the greenback and traded in the range of 85.94-86.24 before closing at 86.03. On the NSE, USDINR futures slipped 0.08% to settle at 86.08.

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